According to the report by Expert Market Research (EMR), the Global HVAC Relay Market Size is projected to grow at a CAGR of 6.80% between 2023 and 2028. Aided by rising demand for energy-efficient heating, ventilation, and air conditioning (HVAC) systems and their growing applications in diverse sectors, the market is expected to grow significantly by 2028.
HVAC relays are essential components of HVAC systems. They help in the flow of electrical current between circuits and are critical in managing the functioning of the compressor, blower motor, fan motor, and the air conditioning system as a whole. These relays are pivotal in safeguarding HVAC systems from overloads and ensuring efficient operation and durability of the system.
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The global HVAC relay market growth is closely tied to the surge in demand for HVAC systems, which, in turn, is driven by increasing consumer preference for energy-efficient appliances. As awareness about energy conservation and the associated benefits grow, there is a clear shift towards high-efficiency HVAC systems, which indirectly spurs the demand for HVAC relays.
Furthermore, with the escalating trend of smart homes and buildings, HVAC systems have gained immense popularity, thus driving the HVAC relay market development. They are integral to the functioning of smart HVAC systems, which are designed to provide optimal indoor air quality and thermal comfort.
HVAC relay applications are not limited to residential or commercial settings; they find extensive use in various industries such as automotive, where they play a critical role in ensuring the effective operation of vehicle HVAC systems. As the automotive sector continues to evolve with technological advancements, the need for reliable and efficient HVAC relays becomes more prominent, providing a significant boost to the HVAC relay market.
Moreover, HVAC systems, and thus relays, are finding increased usage in the data centres. The need for temperature regulation and proper airflow in these facilities is paramount to prevent overheating of equipment and ensure optimal performance.
In addition, the emerging trend of transitioning to eco-friendly and sustainable solutions is prompting an increased focus on HVAC systems that utilise green technologies. Consequently, the demand for HVAC relays, being indispensable components of these systems, is also witnessing a substantial rise, thereby escalating the HVAC relay market demand.
HVAC Relay Market Segmentation
The market can be divided based on source, application, and region.
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Market Breakup by Source
- Solid State Relay
- Electromagnetic Relay
- Thermal Relay
- Hybrid Relay
Market Breakup by Application
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global HVAC relay companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- TE Connectivity Corporation
- Eaton Corporation
- ABB Ltd.
- Hitachi, Ltd.
- Mitsubishi Electric Corporation